What is the SMSF Association?

If you operate or are a member of a self-managed super fund, you might be familiar with the SMSF Association, which seeks to ‘lead the professionalism, integrity and sustainability of the SMSF sector’. The association states it focuses on:

Improving the standard of advice provided by SMSF professionals

Enabling SMSF trustees to make better and more informed decisions regarding their retirement

What does the SMSF Association do?

As an independent professional body, the SMSF Association plays an important role in advocacy for the SMSF sector. It seeks to participate in the public discussion surrounding the superannuation system, aiming to achieve positive outcomes for SMSF trustees and members.

Keeping SMSFs accessible as an option for everyone regardless of age or means

Reducing the harshness of penalties for excess contributions

Making superannuation laws more stable

The SMSF Association also provides education resources for trustee members, as well as professional development for financial advisers and other specialists providing advice to SMSF trustees.

I’m a SMSF trustee – what can the SMSF Association do for me?

If you’re a trustee of a SMSF, you can join the SMSF Association. To find out whether this is something you’d like to do, as well as access more information about SMSF Association membership, you can visit the Trustee Knowledge Centre. There you can find information addressing any general questions you might have, as well as articles and resources addressing recent developments in the SMSF sphere which may affect you. You can also visit the general Resource Library to access “news and information, events, education, technical papers, research, government submissions and more”.

The following table contains details of the superannuation funds rated by Canstar based on someone aged 30-39. This table has been sorted by three-year performance (highest to lowest).

Please note that the performance information shown in the table is for the investment option used by Canstar in rating of the superannuation product.

To view the past performance of all super funds, rated by Canstar, use our comparison tool:

What are the SMSF Association’s policy positions?

The SMSF Association clearly lays out its policy positions and opinions on its website.

The objective of superannuation

While the SMSF Association agrees for the most part with the Financial Systems Inquiry’s conclusions regarding the goal of superannuation, it stresses that any stated goal of the superannuation system should “include a notion of adequate retirement incomes”. Furthermore, it says the primary goal of the system should be “to provide income in retirement to substitute or supplement the age pension, delivering a financially secure and dignified retirement for Australians.”

Taxation of superannuation

The SMSF Association believes if superannuation is to be taxed, the extent to which it is taxed should not either interfere with the system’s long-term objective of providing a sufficient income in retirement or discourage individuals from making contributions to their superannuation. It believes that tax concessions are needed “to compensate people for locking away their money in superannuation for long periods of time.”

Financial advice

The SMSF Association supports raising the minimum education standards for financial advisers, as well as making sure advisers are constantly improving their knowledge and skills, and remaining compliant with a professional code of conduct.

Superannuation fund borrowing

The SMSF Association believes there is little evidence to support the idea that borrowing in superannuation has led to excess risk within the superannuation system. While it sees a role for limited recourse borrowing arrangements (LRBAs) for superannuation funds, it encourages SMSF trustees looking to utilise a LRBA to obtain professional advice before doing so.

Superannuation red tape

The SMSF Association views red tape within the superannuation system as a disincentive, and as such is “working with Government” to reduce it.

SMSF auditing

The SMSF Association views SMSF auditors as the “gatekeepers” of the SMSF system and therefore believes it is essential these auditors are appropriately skilled and qualified in order to maintain the strength and integrity of the SMSF sector.

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This advice is general and has not taken into account your objectives, financial situation, or needs. Consider whether this advice is right for you. Consider the product disclosure statement (PDS) before making any financial decision. For more information, read Canstar’s Financial Services and Credit Guide (FSCG).

The Superannuation Star Ratings in this table were awarded in March 2018. View the Canstar Superannuation Star Ratings Methodology and Report. These results are general advice only and not personal financial advice. Ratings are only one factor to take into account when deciding whether to make an investment. Consider the Product Disclosure Statement before making a purchase decision.

Superannuation products displayed above that are not 'Sponsored' are sorted as referenced in the introductory text to the table. Canstar may receive a fee for referral of leads from these products. See How We Get Paid for further information. Products displayed above do not include all products/providers and may not include all features relevant to you. Please note that all information about performance returns is historical. Past performance should not be relied upon as an indicator of future performance; unit prices and the value of your investment may fall as well as rise.

Performance information shown is for historical periods up to 31/12/2018 and investment options noted in the product information. Performance figures shown reflect net investment performance, i.e. net of investment tax, investment management fees and the maximum applicable ongoing management fees and membership fees. Performance information is provided by Rainmaker Information Pty Ltd ABN 86 095 610 996 AFSL 461816 (www.rainmaker.com.au) which provides general information on superannuation. Performance data may not be available for some products. This is indicated in the tables by a note referring the user to the product provider, or by no performance information being shown.

Any advice on this page is general and has not taken into account your objectives, financial situation or needs and is not a recommendation for your particular circumstances. Consider whether this advice is right for you. Consider the product disclosure statement before making a purchase decision. You may need financial advice from a qualified adviser.

Performance, fee and other information displayed in the table has been updated from time to time since the rating date and may not reflect the products as rated. The performance and fee information shown in the table is for the investment option used by Canstar in rating of the superannuation product.

Investment returns of superannuation products: Canstar considers the annual investment returns of a product’s default investment option, including the default life-stage option where applicable. Where a product does not have a default investment option, annual returns for the investment option with the highest funds under management (FUM) and a 60-80% growth asset allocation are used.

Annual cost includes administration fees and indirect costs (including the investment fee, performance fee where applicable, and any other indirect management costs). This cost is calculated based on the super balance specified and the investment option considered in the 2018 Superannuation Star Ratings, which is the default investment option (including default life-stage options). Where a product does not have a default investment option, annual fees for the investment option with the highest FUM and a 60-80% growth asset allocation are used.

Please note that all information about performance returns is historical. Past performance should not be relied upon as an indicator of future performance; unit prices and the value of your investment may fall as well as rise. The results are general advice only and not personal product advice.

Canstar is an information provider and in giving you product information Canstar is not making any suggestion or recommendation about a particular product. The information has been prepared without taking into account your individual investment objectives, financial circumstances or needs. Before you decide whether or not to acquire a particular financial product you should assess whether it is appropriate for you in the light of your own personal circumstances, having regard to your own objectives, financial situation and needs. You may wish to obtain financial advice from a suitably qualified adviser before making any decision to acquire a financial product. Please refer to the product disclosure statement (PDS) and Canstar’s Financial Services and Credit Guide (FSCG) for more information, and read our detailed disclosure, important notes and liability disclaimer.

This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you. Consider the product disclosure statement before making a purchase decision. Canstar provides an information service. It is not a credit provider, and in giving you information about credit products Canstar is not making any suggestion or recommendation to you about a particular credit product. Statistics referenced on this page have been verified by Canstar Research. Research provided by Canstar Research AFSL and Australian Credit Licence No. 437917.